Friday, 16 January 2015
ITAT excludes functionally distinct comparable as its business model was changed due to amalgamation
AO can't reopen an assessment which was completed on compounding basis
Profit attributable to sale of unutilized 'FSI' won't be eligible for Sec. 80-IB relief
HC set-aside special audit direction as AO failed to indicate reasons showing complexity in accounts
Govt. raises excise duty on petrol and diesel for fourth time in a row
Department couldn't stop refund ordered by CCE(A) without any stay on such order
Issue once foreclosed by decision of Tribunal couldn't be reopened by Commissioner
DRAT can transfer proceedings to another DRT which doesn't have territorial jurisdiction
Fee charged by bank for receiving payments from customers of assessee via credit card won't attract
CIT couldn't make revision when AO had accepted valuation of stock of securities on principles of AS
No reassessment after 4 years to disallow sums paid to NR if assessee had already disclosed all mate
Sugar Output Up 19% To 103 Lakh Tonne
India's sugar production rose by 19 per cent to 103 lakh tonnes till January 15 in the current marketing year that started in October on higher sugarcane supply, according to industry data.
"Till January 15th 2015, 494 sugar mills which are in operation have produced 103 lakh tonnes of sugar as against 86.50 lakh tonnes produced in the same period last year when 486 sugar mills were in operation," Indian Sugar Mills Association (ISMA) said in a statement.
Production in Maharashtra stood at about 43 lakh tonne till January 15 of 2014-15 marketing year (October September) against 31 LT in the year-ago period.
ISMA said: "Since crushing operations in all sugar mills are in full swing due to better availability of sugarcane, their production has become higher as compared to last year."
In Uttar Pradesh, production of sugar stood at 25 LT till 15th January 2015 as against 19.75 LT in the corresponding period of previous marketing year. In Karnataka, mills have produced 17 LT till yesterday, similar to that of last year's output.
ISMA also pointed out that the ex-mill sugar prices in all parts of the country remain depressed during last fortnight substantially below the cost of production.
"Accumulation of sugar stock, without adequate demand from the market both from domestic and global, are the main factors for declining trend in sugar prices," it said. An all-India average ex-mills sugar prices stands at Rs 2,500-2,600 per quintal.
The association also demanded that subsidy on raw sugar exports should be extended in this marketing year as well to check sliding domestic prices of sweetener.
"Due to delay in announcement of continuation of incentive for production of and export of raw sugar, the sugar mills are not in a position to plan their raw sugar production.
"Since only 2-3 months left before the crushing operations are over, mills are eagerly waiting for the announcement from the Central Government so that they could plan accordingly," ISMA urged.
In view of low prices, ISMA felt that 15-20 lakh tonnes of sugar needs to be exported, enabling millers to clear cane arrears and repay bank loans.
It feared that the cane price arrears of farmers which had crossed Rs 13,000 crore in March last year may be higher this season if the Centre does not extend export subsidy.
Government has pegged overall sugar output at 250.5 lakh tonnes for 2014-15 marketing year, while ISMA has estimated the production at 250-255 LT. Sugar output in India, the world's second largest producer and biggest consumer, stood at 244 lakh tonnes in the 2013-14 season.
Source:business-standard.com
[Central Excise Tariff Notification] : Seeks to further amend notification No.12/2012-Central Excise, dated the 17th March, 2012
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No. 03/2015-Central Excise
New Delhi, the 16th January, 2015
G.S.R. (E). - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.12/2012-Central Excise, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. 163(E), dated the 17th March, 2012, namely: -
In the said notification, in the Table,-
(i) in serial number 70,-
(a) against item (i) of column (3), for the entry in column (4), the entry "? 8.95 per litre" shall be substituted;
(b) against item (ii) of column (3), for the entry in column (4), the entry "? 10.10 per litre" shall be substituted;
(ii) in serial number 71,-
(a) against item (i) of column (3), for the entry in column (4), the entry "? 7.96 per litre" shall be substituted;
(b) against item (ii) of column (3), for the entry in column (4), the entry "? 10.25 per litre" shall be substituted;
2. This notification shall come into force with effect from the 17th day of January, 2015.
[F. No.354/123/2014-TRU]
(Akshay Joshi) Under Secretary to the Government of India
Note.- The principal notification No. 12/2012-Central Excise, dated the 17th March, 2012 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163(E) dated the 17th March, 2012 and was last amended vide notification No.02/2015-Central Excise, dated the 7th January, 2015 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 15(E) dated the 7th January, 2015.
[Indian Customs Circular] : Regarding Export and Import of Currency
Circular No. 03/2015-Customs
F. No 520/23/2013- Cus. VI
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Excise and Customs)
*****
New Delhi, Dated 16.01.2015
To,
All Chief Commissioners of Customs / Customs (Preventive)
All Chief Commissioners of Customs and Central Excise
All Commissioners of Customs/ customs (Preventive)
All Commissioners of Customs and Central Excise
Sir /Madam,
Subject : Export and Import of Currency –reg
Attention is invited to Regulation (3) of Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2009, notified vide Notification No.FEMA.258/2013-RB dated February 15, 2013 and A.P. (DIR Series) Circular No. No. 39 dated September 6, 2013 in terms of which, any person resident in India may take outside India or having gone out of India on a temporary visit, may bring into India (other than to and from Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.10,000.
2. The RBI vide A.P. (DIR series) No. 146, dated 19.06.2014 has now provided that aforementioned limit has been enhanced to Rs 25000/- per person from Rs 10,000/- per person. Thus, any person resident in India:
i) may take outside India (other than to Nepal and Bhutan) currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees twenty five thousand only); and
ii) who had gone out of India on a temporary visit, may bring into India at the time of his return from any place outside India (other than from Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 (Rupees twenty five thousand only).
3. Further, vide said A.P. (DIR series) No. 146 dated 19.06.2014, it is also provided that any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India:
i) may take outside India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees twenty five thousand only) while exiting only through an airport.
ii) may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs. 25,000 (Rupees twenty five thousand only) while entering only through an airport.
4. In the light of the amended guidelines of RBI on the subject matter, all Chief Commissioners of Customs/ Customs and Central Excise are requested to ensure that the aforementioned guidelines are scrupulously followed by the officers under their charge. Further, it may be ensured without fail that wide publicity is given to these guidelines by displaying them at prominent places at the airports etc. so that no harassment is caused to the genuine passengers. Officers may also be suitably sensitized in the matter. Any non compliance on the part of the officers will be viewed seriously.
5. Difficulty faced, if any, may be brought to the notice of the Board.
Yours faithfully,
(R.P.Singh)
Director (Customs)
[DGFT Notification] : Amendment in import policy conditions under ITC (HS) 4 digit code 8517.
To be published in the Gazette of India Extraordinary Part-II, Section -3, Sub Section (ii)
Government of India
Ministry of Commerce & Industry
Department of Commerce
Udyog Bhawan, New Delhi
Notification No. 107/(RE-2013)/2009-2014
Dated the 16 January, 2015
Subject: Amendment in import policy conditions under ITC (HS) 4 digit code 8517.
S.O. (E): In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.3 and 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby amends the Import Policy Condition under ITC (HS) 4 digit code 8517 of Chapter 85 of ITC (HS), 2012 – Schedule – 1 (Import Policy):
(i) Import of ‘GSM mobile handsets’ (classified under ITC (HS) code ‘8517’) without International Mobile Equipment Identity (IMEI) No., with all zeroes IMEI, duplicate IMEI or fake IMEI is ‘Prohibited’.
(ii) Import of ‘CDMA mobile handsets’ (classified under ITC (HS) code ‘8517’) without Electronic Serial Number (ESN)/Mobile Equipment Identifier (MEID), with all Zeroes as ESN/MEID, duplicate ESN/MEID or fake ESN/MEID is ‘Prohibited’.
2. Effect of this Notification: ‘GSM mobile handsets’ with duplicate IMEI or fake IMEI & ‘CDMA mobile handsets’ with duplicate ESN/MEID or fake ESN/MEID are added to the list of ‘Prohibited’ items for import.
(Pravir Kumar)
Director General of Foreign Trade
E-mail: dgft@nic.in
[Issued from F.No.01/89/180/Misc-9/AM-05/PC-2 (A)]
Assessment order was invalid as it was issued on basis of time barred notice under sec. 143(2)
Value of unbranded/duplicate goods can't be enhanced on basis of value of branded goods
Rule 8(3A) providing for non-entitlement of Cenvat credit for duty-default beyond 30 days is unconst
India Oil Imports From Iran Jump Sharply In 2014
India imported 42 percent more Iranian oil last year over 2013 levels as its refiners increased purchases to take advantage of an easing in sanctions targeting Tehran's nuclear programme.
The jump came with an end-of-the-year boost as imports in December surged 84 percent from a year ago to 348,400 barrels per day (bpd), the highest since March.
Iranian and U.S. officials are meeting in Geneva this week ahead of talks between Tehran and world powers on Sunday focused on reaching a final deal to end the sanctions against Iran in return for curbs to its nuclear programme.
Diplomatic efforts to reach a final agreement last year failed for a second time in November, and a self-imposed deadline was extended to June 30 this year.
India - Iran's top oil customer after China - imported 276,800 bpd of oil and condensate last year, compared with 195,600 bpd in 2013, according to tanker arrival data obtained from trade sources and Thomson Reuters Oil Research & Forecasts.
Indian refiners bought about 39 percent more Iranian oil in December compared with November, the data also showed.
Annual imports of Iranian oil rose sharply last year as refiners ramped up purchases in the first quarter to make up for a big decline in shipments in 2013 as insurers had not extended coverage for processing oil from the sanctions-hit nation.
Private-refiner Essar Oil was the biggest Indian client of Iran in 2014, followed by Mangalore Refinery and Petrochemicals Ltd and Indian Oil Corp.
Iran remained the seventh-biggest oil supplier to India in 2014, while its share in overall purchases rose to 7.3 percent last year, compared with 5.1 percent in 2013, the data showed.
The current sanctions allow Iran access to some of its frozen oil revenue overseas and restrict its oil sales at about 1 million to 1.1 million bpd.
Overall, India imported 3.84 million bpd of oil in December, up 9.4 percent from a year earlier. Imports for the full year fell 1.4 percent to 3.81 million bpd.
In the January-December period India imported about 3.9 percent more oil from Latin America, with the region accounting for about 20.1 percent of overall imports, up from about 19.1 percent a year ago.
The Middle East region supplied about 59 percent of India's oil imports in January to December, compared with 62.3 percent a year ago.
In the fiscal year to March 31, 2014, India cut its imports from Iran by 15 percent to 220,000 bpd to get a waiver from U.S. sanctions on the Islamic republic. India's annual oil contracts with Iran follow the country's April-March fiscal cycle.
In the first nine months of the year to end March 31, 2015, Indian refiners have shipped in about 250,200 bpd of Iranian oil, up 41 percent from the same period a year ago.
Source:in.reuters.com
Goa Says Decks Clear For Iron Ore Mining To Resume
Goa has removed a two-year ban on iron ore mining and expects mines could be back up and running by March or April at the earliest, Goa's Director of Mines and Geology Prasanna Acharya said on Friday.
India was once the world's third largest iron ore exporter and Goa its biggest exporting state. The return of Goa iron ore exports could further pressure global prices hovering around 5-1/2 year lows due to oversupply.
Acharya said it is now up to mining companies to obtain environmental clearances from New Delhi to start work.
"It's possible that the mines will be active in a couple of months as we have acted fast on renewing the leases" Acharya told Reuters.
"March or April in the best-case scenario or else it could go to October because of the (June-September) monsoon rains."Goa used to export about 50 million tonnes of iron ore a year before the mining ban was imposed in 2012 after a government report on illegal mining.
The ban in Goa and curbs in other producing states like Karnataka and Odisha have made India a major importer.
India's imports hit a life-high of 8 million tonnes in 2014, far above the 3.1 million for 2012, according to commodities consultancy OreTeam, based near New Delhi.
That has worried Prime Minister Narendra Modi's government, which on Monday issued an executive order to revive the mining industry by quickly renewing old leases and auctioning out new leases, scrapping a previous method of selective allocation.
Aniruddha Joshi, a vice president in India's top private iron ore miner, Sesa Sterlite Ltd, said the executive order and the revoking of the ban in Goa suggest that "things are looking up".
But even if mining resumes in Goa, the falling prices of iron ore and an export duty of 30 percent will make exports uncompetitive for many companies in the state.
Source:in.reuters.com
SEBI tightens screws on insiders; notifies stricter insider trading norms to widen definitions of in
Vietnam May Import More Indian Textile Raw Materials
The Vietnamese envoy to India, Ton Sinh Thanh thanked the Indian government for extending a US $300 million line of credit for strengthening of commercial ties between the two countries.
Addressing media on the sidelines of a meeting with members of the Exim Club Association in Vadodara, he hoped that it will enable Vietnam to import more of fabrics and yarns from India.
Vietnam is currently importing about half of its textile raw material requirements of yarn and fabrics from China.
“The Indian government’s offer to extend the line of credit may help India grab a larger share of textile raw material imports,” the ambassador said, who was in Gujarat to attend the Vibrant Gujarat Summit.
"Alongside cotton imports, Vietnam also seeks investment of India in the textile, chemical dyes and other related sectors," he said.
He explained that Vietnam allows 100 per cent investment in many sectors including joint ventures with Vietnamese companies.
The envoy also expects that bilateral trade between India and Vietnam is likely to touch $20 billion by 2020. (AR).
Source:fibre2fashion.com
Time-limit for filing appeal before Commissioner (A) is expressed in British calender month' and not
Sale of Stainless steel LPG stoves and Kerosene wick stoves are liable to 12.5% VAT under Karnataka
Transaction of providing loan to foreign AE at a higher rate than LIBOR was at ALP
Indian Rupee Recovers From Initial Losses Vs Us Dollar, Up 6 Paise
The rupee recovered from initial losses against the American currency and was quoted higher by 6 paise to 62.00 on fresh selling of dollars by banks and exporters in view of strong foreign capital inflows into equity market.
The rupee resumed lower at 62.08 per dollar as against the last closing level of 62.06 at the Interbank Foreign Exchange and dropped further to 62.20 on initial strong dollar demand from banks.
However, it recovered from initial losses and was quoted higher at 62.00 on selling of dollars by banks and exporters.
It hovered in a range of 62.00 and 62.20 per dollar during the morning trade.
In London, the euro fell to its lowest level against the dollar since September 2003 yesterday after the Swiss National Bank scrapped its exchange rate floor of 1.20 francs to the euro.
Meanwhile, the Indian benchmark Sensex moved down by 31.77 points or 0.11 per cent to 28,043.78 at 1000hrs.
Source:financialexpress.com